SilverScript Medicare Prescription RX Plans

SilverScript will provide two prescription plan options in 2016: SilverScript Choice as well as SilverScript Plus. The SilverScript Choice offers comprehensive coverage with low premiums and co-pays. SilverScript Plus provides additional coverage in the coverage gap (commonly referred to as the donut hole). The Plus plan is designed for people who need to take several medications on a regular basis. Because these people are more likely to reach the donut hole during the 2016 plan year.

Both SilverScript prescription medication plans offered in 2016 will feature a $0-deductible, low co-pays for many drugs and competitive premiums. In fact, SilverScript premiums in 30 states are lower than they were in 2015. In fact, premiums in eight of those states is below $20. Also, SilverScript Choice plans have the lowest prescription drug plan premium in four states. Members can access a convenient nationwide network consisting of a wide selection of pharmacies across the country. These include many large national and regional chains, many independent, community-based pharmacies, and the CVS/Caremark mail service pharmacy. Additionally, in 2016, SilverScript is introducing a new list of covered medications. This will help to keep co-pays low for some frequently prescribed drugs.

Most Medicare Prescription Drug Plans have a coverage gap (also called the “donut hole”). This means there’s a temporary limit on what the drug plan will cover for drugs.

Please contact us if you would like to learning more about the SilverScript or any other Medicare RX plan. You can either call the office at 203-796-5403 or email us at [email protected] for an appointment.

Original Medicare Enrollment

Original Medicare Enrollment in parts A and B is automatic for those drawing Social Security. Those people who are not that are not will need to enroll.

If you’re already collecting Railroad Retirement Board or Social Security retirement benefits when you turn 65, you will automatically be enrolled Medicare Part A . If you are under 65 and you receive Social Security or Railroad Retirement Board disability benefits, you will automatically be enrolled in Medicare Part A and Part B after 24 months of disability benefits.

You will need to sign up for Medicare part B, if you are not receiving retirement benefits before age 65 or if you qualify for Medicare through disability. Please note, you can sign up during your Initial Enrollment Period (IEP). This is the seven-month enrollment period that begins three months before you turn 65. This enrollment period includes the month you turn 65, and ends three months later.

Still have questions? We are Medicare specialists. Please call if you have questions or need help navigating the Medicare enrollment process. You can either call the office at 203-796-5403 or email us at [email protected]

We are a full-service brokerage and offer clients not only guidance with Medicare, but all health plan needs. We offer dental insurance, both long and short term care policies. Crowe and Asscoiates can help with estate planning by offering several types of life insurance as well as investment opportunities.

Medicare Part D Premiums

Medicare Part D premiums range from between $10 and $100 per month. The amount depends on what plans are available in your area as well as the particular plan you choose. The maximum deductible in 2016 is $360. This is the amount you must pay out-of-pocket before Medicare will contribute to your prescription costs.

The charts below show your estimated prescription drug plan monthly premium. These numbers are based on your income as reported on your IRS tax return from both 2 years ago and last year. If you receive income that is above a certain limit, you will have to pay an income-related monthly adjustment amount. This amount will be in addition to your plan premium.

Medicare Part B Premium Costs

When turning 65, individuals need to understand the Medicare Part B Premium costs.

Individual Medicare recipients pay a premium each month for Part B. If you receive either Social Security, Railroad Retirement Board, or Office of Personnel Management benefits, your Part B premium is automatically deducted from your benefit payment. If you do not get these benefit payments, you will receive a bill and can submit your payment from there.

Most people will pay the standard premium amount. However, if your modified adjusted gross income is above a certain amount, you may have to pay an adjustment. In fact, this amount is determined by what is on your IRS tax return from 2 years ago. This fee is called an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge that Medicare adds to your premium.

The standard Part B premium amount is $121.80. The amount may be higher, this depends on your income.

If you have questions regarding Medicare Part B costs or are ready to investigate plan options, please either call the office at 203-796-5403 or email us at [email protected] We are Medicare specialists and will be happy to help you navigate the both the options and process.

Medicare Part B Penalty

Crowe and Associates wants to make sure that you are aware that there is a Medicare Part B Penalty. In most cases, if you don’t sign up for Part B when you’re first eligible, you will have to pay a late enrollment Medicare Part B penalty. Medicare will be charge you this penalty for as long as you have Part B. Your monthly premium for Part B may go up 10% for each full 12-month period that you could have had Part B, but didn’t sign up for it.

How do you calculate your premium penalty? Let’s say you turned 65 in 2009, and you delayed signing up for Part B until 2016. If you did not have employer insurance that allows you to delay enrollment. Your monthly premium would be 70 percent higher for as long as you have Medicare (7 years x 10 percent). Since the Medicare Part B premium in 2016 is $121.80, your monthly premium with the penalty would be $207.06 ($121.80 x 0.7 + $121.80).

Note: Although Medicare calculates the penalty you pay by using the standard Part B Premium. Your Part B premium amount is based on your income. Medicare then adds the penalty amount to your actual premium amount.

To learn more about avoiding the Medicare Part B penalty, or how to navigate the Medicare enrollment process, call the office at 203-796-5403 or email us at [email protected] We are leading Medicare specialists and are here to help. There is never a fee for our advice.

Who Should Enroll in Medicare Part B?

Deciding when and if you should enroll in Medicare Part B can be a daunting task. Getting or maintaining the best coverage depends on your understanding of Medicare enrollment requirements as well as your current situation.

If you or your spouse are still working and receiving employer or union coverage, maintaining that coverage may be the best option. You have 8 months to sign up for Part B without a penalty. If you or your spouse (or family member if you’re disabled) are still working and you have insurance through that employer or union, contact your employer or union benefits administrator to find out how your insurance works with Medicare.

Your military or veteran status also plays a role in deciding the right coverage for you.

If you are ready to enroll in Medicare Part B, need more information or have questions, please call the office at 203-796-5403 or email [email protected] for an appointment. We are Medicare specialists and will be happy to help you navigate the process.